In Q1 2019, HVN’s NPAT-MI was up 14% YoY to VND1.2tn (USD52mn, 56% of our 2019F), while Vietnam Airlines’ (VNA) stand-alone NPAT surged 43% YoY to VND1tn (USD44mn, 57% of our 2019F). In Q1 2019, VNA transported 5.4 million passengers, up 2.5% YoY. We believe this growth was underpinned by its existing route network and boosted by the longer Tet break in 2019 (10 days vs seven days in 2018).